Of course there is a lot of difficult technical work, but also some marketing and communication. In this report, Yole Développement (Yole) analysts provide an in-depth analysis of what has been achieved, what is still needed, and the positioning of solid-state battery against conventional Li-ion cells based on liquid / polymer-gel electrolyte.

Today, the leading market drivers for developing any battery are emission control regulations (especially for the automotive sector), which are driving the trends towards vehicle fleet electrification. Even with increased interest from customers in electric vehicles (EVs), there are still concerns regarding EVs short driving range, long charging time, and safety. To resolve these issues, industrial players have focused on solid-state batteries, aiming for a next-generation battery with higher energy density, fast charging capability, lower cost, and greater safety. However, Li-ion batteries today have no significant problems and are good enough for most applications including EVs, consumer applications, etc. Therefore, companies are currently investing in solid-state batteries only as an alternative (secondary option) to conventional Li-ion batteries.

Different solid-state battery developers are targeting different applications, such as electric vehicles (EVs), consumer, aerospace, and open space applications. However, the most significant interest in solid-state batteries is for EV applications and thus from EV makers. In fact, EV makers are the most important actors for solid-state development and commercialization. Indeed, they provide $100M+ funding, require solid-state battery in order to differentiate from competitors, have high-volume battery requirements (a lot of battery cells per vehicle and a lot of vehicles per year) and boast established sales and distribution networks. Therefore, the overall solid-state battery supply chain is influenced by EV makers’ requirements. To develop solid-state battery technology, many EV makers such as Volkswagen, Hyundai, and BMW have made investments or partnerships with solid-state battery developers and are planning to launch their EVs with solid-state batteries (small production only) in the coming years (Fig1). For example, Volkswagen plans to launch its EV with solid-state batteries around 2025, forging a partnership with solid-state battery developer QuantumScape.

SOLID-STATE BATTERY 2021 Market & Technology Report - April 2021

SOLID-STATE BATTERY IS ALL ABOUT WHAT IS BEHIND THE ANNOUNCEMENTS FROM INDUSTRY PLAYERS

Solid-state battery as an ultimate milestone in companies’ battery roadmaps.

WHAT’S NEW• Update of companies’ plans

concerning commercial introductionof solid-state battery

• Updated market forecast up to2027

• Analysis of the perception ofsolid-state battery by investors andautomotive companies, and how ithas evolved in recent years

• Supply chain update

KEY FEATURES• 2020 - 2027 total Li-ion battery

forecast in MWh• 2020 - 2027 solid-state battery

forecast in MWh, split byapplication

• In-depth analysis of technologychallenges and different approachesfor bringing solid-state batterytechnology to market

• Overview of the main companiesinvolved in solid-state batterydevelopment

• Analysis of what is needed forsuccessful solid-state battery marketentry

(Yole Développement, April 2021)

EV manufacturers: who will win a race for an EV solid-state battery?

2025 WILL BE A DECISIVE YEAR FOR SOLID-STATE BATTERY COMMERCIALIZATIONOver the last few years we have seen a growing number of research activities in solid-state batteries. However, the development of solid-state battery is still nascent. Many

solid-state battery developers are planning to commercialize their batteries by 2025, which will undoubtedly be an important milestone for electric vehicles. Based on the roadmaps

2026+

2025

2025

2030+?

2030+?

2028

2022 WeLion New Energy Technology Co., LTD

This year is considered by Yole Développementas very unlikely to reach by NIO.

(Yole Développement, according to companies’ announcements)Non exhaustive list of companies

SOLID-STATE BATTERY 2021 Ref. YINTR21187

of many EV makers, technology achievements, and supply chain collaborations as of Q1/2021, Yole Développement expects that commercial introduction of solid-state batteries will start in 2025, with mass production of solid-state-battery-equipped vehicles starting around 2030. Solid-state

battery demand will represent less than 2.5 GWh in 2027 (Fig2), a tiny volume compared to total Li-ion battery demand in 2027. Thus, no high-volume “switch” from conventional Li-ion to solid-state battery is expected. More than 99% of solid-state battery demand will be for EVs.

2020 - 2027 solid-state battery forecast in MWh, for electric vehicles, space, aerospace and consumer applications

(Yole Développement, April 2021)

THE INDUSTRY’S VISION CONCERNING SOLID-STATE BATTERY’S BENEFITS HAS EVOLVED

Solid-state battery is considered an ultimate milestone in the technology roadmaps of battery and EV makers. A few years ago, such batteries were considered by many companies as a “holy grail” to target, one that could revolutionize the battery and electric vehicle industry (Fig3). Many EV makers have since bet on solid-state battery start-ups either because of their optimism in view of rapid achievement of commercial products or to ensure they do not miss the train in the growing battery competition.

The magic word “solid-state battery” has also provided entry to additional R&D funding from venture capital funds and public funds, thus reducing the amount of investment required from EV makers themselves. According to Yole’s analysis, the vision held for solid-state battery has evolved and is more pragmatic today. Solid-state battery is currently considered as just an additional step in the progressive step-by-step improvement of conventional Li-ion batteries. Indeed, most battery and EV makers are refocusing their efforts on shorter-term technology milestones such as nickel-rich cathode (NCM811), silicon-graphite anode, and cobalt-free cathode.

Bringing solid-state technology to mass production is a difficult task and needs more time than was previously expected. It is clear now that partnerships are more important than ever to bring all the necessary solid-state battery know-how together: technology, equipment, high-volume / high-yield production, and end-systems. Partners with know-how in ceramic material and ceramic-based devices, and with experience in lithium-metal anode and electrode / electrolyte interfaces, may be immensely helpful in shortening the time needed to bring the solid-state battery to market.

How solid-state battery vision evolved

(Yole Développement, April 2021)

0 MWh

500 MWh

1 000 MWh

1 500 MWh

2 000 MWh

2 500 MWh

3 000 MWh

2020 2021 2022 2023 2024 2025 2026 2027

Ann

ual d

eman

d in

MW

h

Consumer Electric vehicle Aerospace Space

2027

CAG

R =

341

%

Development and prototyping

Ener

gy d

ensi

ty

“A holy grail”

Liquid-electrolyte

Li-ion battery

Solid-state battery

Years

Vision in the past(Solid-state battery “hype”)

Vision today (Pragmatic view)

Ener

gy d

ensi

ty

Liquid-electrolyte Li-ion battery

progressive improvements

Solid-state battery

Years

Examples: silicon in graphite anode, nickel-rich cathode, etc.

“Just a next step”

Big

Small

Small

Small

MARKET & TECHNOLOGY REPORT

• Power Electronics for E-Mobility 2021 • DC Charging for Plug-In Electric Vehicles 2021 • Li-ion Battery Packs for Automotive and

Stationary Storage Applications 2020• Lithium-ion Battery Recycling Market &

Technology Trends 2020• Status of Rechargeable Li-ion Battery

Industry 2019

RELATED REPORTS, MONITORS & TRACKS

More information and details about our offers and bundles opportunities on www.i-micronews.com

COMPANIES CITED IN THE REPORT (non exhaustive list)

Asahi Kasei, AdaVolt, Ampcera, Audi, Blue Solutions, BASF, Beijing Shenzhou Judain New Energy, BMW, BYD, Bolloré, Bosch, BrightVolt, CATL, CEA, Daimler, Dongshi Kingpower Science and Technology Ltd, Fujian Super Power New Energy Co., Ford, Fisker, GM Motors, GS Yuasa, Ganfeng Lithium, Hitachi Zosen, Hydro Québec, Honda, Hyundai, Idemitsu Kosan, Ilika, IMEC, Ionic Materials, Johnson Battery Technologies, Japan Aerospace Exploration Agency (JAXA), Kokam, Kalptree, Kuraray, KIA, LG Energy Solution, Leclanche, Lionano, Mitsubishi Motors, Manz, Mitsui Kinzoku, Murata, Maxell, NIO, Nissan, NGK Insulators, Nano One, Oxis, Prologium, Panasonic, Pathion, Prieto, PSA Group, Porsche, QuantumScape, Qing Tao, Energy Development Co., Renault, Saft, Samsung SDI, Sakti3, Siemens, SK Innovation, SES, Solid Power, Solvay, Solid State Battery Inc., Tesla, Toray, Tokyo Institute of Technology, Toray, Toshiba, Toyota, Umicore, Volkswagen, Vinfast, Volvo, WeLion New Energy Technology Co and more.

TABLE OF CONTENTS (complete content on i-Micronews.com)

AUTHORSMilan Rosina, PhD, is Principal Analyst, Power Electronics and Batteries, at Yole Développement (Yole), within the Power & Wireless division. He is engaged in the development of the market, technology and strategic analyses dedicated to innovative materials, devices and systems. His main areas of interest are EV/HEV, renewable energy, power electronic packaging and batteries. Milan has 20 years of scientific, industrial and managerial experience involving equipment and process development, due diligence, technology and market surveys in the fields of renewable energies, EV/HEV, energy storage, batteries, power electronics, thermal management, and innovative materials and devices. He received his PhD degree from Grenoble Institute of Technology (Grenoble INP) in France. Milan Rosina previously worked for the Institute of Electrical Engineering in Slovakia, Centrotherm in Germany, Fraunhofer IWS in Germany, CEA LETI in France, and utility company ENGIE in France.

Glossary 2

Table of contents 3

Three-page summary 15

Executive summary 19

Introduction 57

Application trends 67

Market forecast 102

Solid-state battery supply chain 107Key companies’ solid-state battery roadmaps 134Why solid-state battery? 154What does solid-state battery compete with? – conventional Li-ion battery 157

Solid-state battery as an alternative to conventional Li-ion batteries 175How to make solid-state battery market-ready 185Main solid-state battery challenges 203Solid-state battery electrolyte materials 222Solid-state electrode/electrolyte interface (SEI) 236Manufacturing techniques 242Covid-19 impact on solid-state battery development 258Conclusion 263Appendix – Company profiles (23 companies) 265

REPORT OBJECTIVES• Offer in-depth insight into the key drivers and value propositions of solid-state battery

technologies, and comparisons with conventional Li-ion batteries• Provide an analysis of the remaining challenges in bringing solid-state batteries to

commercialization, with a dedicated focus on different applications• Present the main potential applications for solid-state batteries and the value proposition of

solidstate batteries in these applications• Furnish a market forecast for solid-state batteries• Analyze different approaches for solid-state battery commercialization• Deliver an overview of different solid-state electrolyte materials and manufacturing methods

for solid-state battery cells• Identify the main trends in the solid-state battery supply chain. Provide a detailed analysis of the

supply chain, including main R&D and industrial players, partnerships, and business approaches. Additional focus is given to companies that are using their know-how (in ceramic materials, etc.) to diversify their business towards solid-state batteries

• Analyze the battery technology roadmaps of materials suppliers, battery manufacturers, and car manufacturers emphasizing solid-state batteries

Shalu Agarwal, PhD. is Power Electronics and Materials Analyst at Yole Développement (Yole),within the Power & Wireless division. Based on Seoul, Shalu is engaged in the development of technology & market reports as well as the production of custom consulting studies. Shalu has more than 10 years’ experience in Electronic Material Chemistry. Before joining Yole, she worked as a project manager and research professor in the field of electronic materials, batteries and inorganic chemistry. Shalu Agarwal received her master’s and Ph.D. degree in Chemistry from the Indian institute of Technology (IIT) Roorkee (India).

CONTACT

ABOUT YOLE DEVELOPPEMENT

Western US & CanadaSteve Laferriere - steve.laferriere@yole.fr+ 1 310 600-8267

Eastern US & CanadaChris Youman – chris.youman@yole.fr+1 919 607 9839

Europe and RoWLizzie Levenez – lizzie.levenez@yole.fr+49 15 123 544 182

Benelux, UK & SpainMarine Wybranietz - marine.wybranietz@yole.fr+49 69 96 21 76 78

India and RoATakashi Onozawa – takashi.onozawa@yole.fr+81-80-4371-4887

KoreaPeter Ok - peter.ok@yole.fr+82 1040890233

JapanMiho Ohtake – miho.ohtake@yole.fr+81 34405-9204Toru Hosaka – toru.hosaka@yole.fr+81 90 1775 3866

Japan and SingaporeItsuyo Oshiba – itsuyo.oshiba@yole.fr+81-80-3577-3042

Greater ChinaMavis Wang – mavis.wang@yole.fr+886 979336809 +86 136 61566824

Sales Coordination & Customer ServiceDavid Jourdan – david.jourdan@yole.fr +33 472 83 01 90Fayçal El Khamassi – faycal.khamassi@yole.fr +33 472 83 01 95

Founded in 1998, Yole Développement (Yole) has grown to become a group of companies providing marketing, technology and strategy consulting, media and corporate finance services, reverse engineering and reverse costing services. With a strong focus on emerging applications using silicon and/or micro manufacturing, the Yole group of companies has expanded to include more than 120 collaborators worldwide covering MEMS and Image Sensors, Compound Semiconductors, RF Electronics, Solid-state Lighting, Displays, Software, Optoelectronics, Microfluidics & Medical, Advanced Packaging, Manufacturing, Power Electronics, Batteries & Energy Management and Memory.The “More than Moore” market research, technology and strategy consulting company Yole Développement, along with its partners System Plus Consulting, PISEO and Blumorpho, supports industrial companies, investors and R&D organizations worldwide to help them understand markets and follow technology trends to grow their business.

CONSULTING AND ANALYSIS• Market data & research, marketing analysis• Technology analysis• Strategy consulting• Reverse engineering & costing• Design and characterization of innovative optical systems• Financial services (due diligence, M&A)More information on www.yole.fr

MEDIA & EVENTS• i-Micronews.com website, application & related e-newsletter• Communication & webcast services• Events: TechDays, forumsMore information on www.i-Micronews.com

REPORTS & MONITORS• Market & technology reports• Market and reverse technology quarterly monitors• Structure, process and cost analysis and teardowns• Cost simulation toolMore information on www.i-micronews.com/reports

CONTACTSFor more information about :• Consulting & Financial Services: Jean-Christophe Eloy (eloy@yole.fr)• Reports & Monitors: David Jourdan (david.jourdan@yole.fr) & Fayçal

Khamassi (faycal.khamassi@yole.fr)• Public Relations: Sandrine Leroy (sandrine.leroy@yole.fr)• Marketing & Communication: Jean-Christophe Eloy (eloy@yole.fr)

Definitions: “Acceptance”: Action by which the Buyer accepts these General Terms and Conditions of Sale in their entirety. It is done by signing the purchase order which states “I hereby accept Yole Développement’s General Terms and Conditions of Sale”.

“Buyer”: Any business user (i.e. any person acting in the course of its business activities for its business needs) placing an order pursuant to these General Terms and Conditions of Sale, with the exclusion of any individual consumer acting for his/her sole personal interest.

“Seller”: Headquartered in Villeurbanne (France), Yole Développement provides marketing, technology and strategy consulting, media and corporate finance services, reverse engineering/costing services as well as IP and patent analysis. With dedicated teams of technology & market analysts, Yole Développement operates worldwide with the key industrial companies, R&D institutes and investors to help them understand the market and technology trends.

“Contracting Parties” or “Parties”: The Seller on the one hand and the Buyer on the other hand.

“Intellectual Property Rights” (“IPR”) means any rights held by the Seller in its Products, including any patents, trademarks, registered models, designs, copyrights, inventions, commercial secrets and know-how, technical information, company or trading names and any other intellectual property rights or similar in any part of the world, notwithstanding the fact that they have been registered or not and including any pending registration of one of the above mentioned rights.

“Products”Our products can be bought either on a unit basis or as a bundled offer (i.e. subscription for a period of 12 calendar months).

“Report” Reports are established in PowerPoint and delivered in a PDF format with an additional Excel file. 30 min of Q&A session with an analyst/author can be included for all purchased reports (except the ones bought as a one user license). More time can be allocated on a fee basis.

“Monitor”Monitors are established and delivered in Excel. An additional PDF can also be added. Q&A with an Analyst is possible for each monitor (except where specified otherwise). Frequency of the release vary according to the monitor or service (quarterly and monthly). All monitor products are eligible for a Corporate License.

“Tracks”Yearly subscription to access a web-based interactive portal to view features and specs of a device or component based on a complete teardown process.

“License”For the reports 3 different licenses are proposed. Buyer has to choose one license type:• One User License: The report is intended for only one identified user

at the Company purchasing the report - Sharing is strictly forbidden• Multi-User License: The report can be shared by an identified user

at the Company purchasing the report with an unlimited number of employees of said Company, working in the country where the identified user is based. No rights are granted to any employees of any Subsidiaries or Joint Ventures of the Company.

• Corporate License: The report or monitor can be shared by an identified user of the Company purchasing the report with an unlimited number of employees of said Company on a global basis. Subsidiaries controlled by the Company are included, however Joint Ventures involving the Company are excluded.

DISCLAIMER: Notwithstanding the fact that certain persons within an organisation may be entitled to access a report pursuant to a Multi-User or a Corporate License, Yole Développement shall in no event incur any liability in any form whatsoever, if Yole Développement should sell one or more licenses directly to any such persons.

1. SCOPE1.1 Both Contracting Parties undertake to comply with these

General Terms and Conditions of Sale.ANY ADDITIONAL, DIFFERENT, OR CONFLICTING TERMS AND CONDITIONS IN ANY OTHER DOCUMENTS ISSUED BY THE BUYER AT ANY TIME ARE HEREBY OBJECTED TO BY THE SELLER, ARE DEEMED WHOLLY INAPPLICABLE TO ANY SALE MADE HEREUNDER, AND SHALL NOT BE BINDING IN ANY WAY ON THE SELLER.

1.2 These General Terms and Conditions of Sale shall be deemed valid and enforceable between the Contracting Parties after acceptance of an order from the Buyer by the Seller pursuant to Article 1.3 below. For such purpose, the Buyer, when signing the purchase order which mentions “I hereby accept Yole Développement’s Terms and Conditions of Sale” is deemed to have fully and unequivocally accepted these Terms and Conditions of Sale.

1.3 Orders are deemed to be accepted only upon written acceptance and confirmation by the Seller, within [7 days] from the date of order, to be sent either by email. In the absence of any confirmation in writing, no order shall be deemed to have been accepted.

2. MAILING OF THE PRODUCTS2.1 Products are sent by email to the Buyer after Seller’s confirmation:

• Within a few days from the Seller’s confirmation of the order for Products already released and paid; or

• Within a reasonable time for Products ordered prior to their effective release. In this case, the Seller shall use its best endeavours to inform the Buyer of an indicative release date and the evolution of the work in progress.

2.2 The Seller shall by no means be responsible for any delay pursuant to Article 2.1 above, in particular in cases where a new event or access to new contradictory information would require the Seller analyst to dedicate extra time to compute or compare the data in order to enable the Seller to deliver a high quality Product.

2.3 The mailing of the Product will occur only upon payment by the Buyer, in accordance with the conditions contained in Article 3 above.

2.4. The mailing is operated through electronic means either by email via the sales department or automatically online via an email/password. The Buyer is responsible for ensuring that the Buyers platform has the required capacities and authorisations to receive the Product(s) emailed by the Seller. If the Product’s electronic delivery format is defective, the Seller undertakes to replace it at no charge to the Buyer provided that the Seller is informed of the defective formatting within 90 days from the date of the original download or receipt of the Product.

2.5 The person receiving the Products on behalf of the Buyer shall immediately verify the quality of the Products and their conformity with the order. Any claim for apparent defects or for non-conformity shall be sent in writing to the Seller within 8 days of receipt of the Products. For this purpose, the Buyer agrees to produce sufficient evidence of such defects.

2.6 No return of Products shall be accepted without prior written notification from the Buyer to the Seller, even in case of delayed delivery. Any Product returned to the Seller without the Buyer providing prior notification to the Seller as required under Article 2.5 above shall remain at the Buyer’s risk. In no event shall the Seller incur any liability for Products erroneously ordered by the Buyer, or for any request from the Buyer to replace a Product previously ordered by a different Product.

3. PRICE, INVOICING AND PAYMENT3.1 Prices are given in the orders corresponding to each Product

sold on a unit basis or corresponding to annual subscriptions. They are deemed to be inclusive of all taxes applicable in the country where the Seller is based (except for France where VAT will be added). The prices are re-evaluated from time to time by the Seller. The effective price is deemed to be the one applicable at the time of the order.

3.2 Payments due by the Buyer shall be sent by cheque payable to Yole Développement, or made by credit card or by electronic transfer to the following account:HSBC, 1 place de la Bourse 69002 Lyon FranceBank code: 30056Branch code: 00170Account n°: 0170 200 1565 87BIC or SWIFT code: CCFRFRPPIBAN: FR76 3005 6001 7001 7020 0156 587To secure the payments due to the Seller, the Seller reserves the right to request down payments from the Buyer. In such case, the need for a down payment will be mentioned on the corresponding order.

3.3 Payment is due by the Buyer to the Seller within 30 days from invoice date, except as otherwise specifically agreed in writing by the Buyer and the Seller. If the Buyer fails to pay at the due date and fails to request and obtain from the Seller a payment extension, the latter shall be entitled to invoice interest in arrears based on the annual rate Refi of the “BCE” + 7 points, in accordance with article L.441-6 of the French Commercial Code.

3.4 The Seller publications (reports, monitors, tracks...) are due for delivery only after receipt by the Seller of any payment due by the Buyer prior to delivery.

3.5 In the event of termination of the contract by the Seller attributable to Buyer misconduct during the contract, the Seller will have the right to invoice all work performed at the time of termination, and to take legal action for damages.

4. LIABILITIES4.1 The Buyer or any other individual or legal person acting on its

behalf, being a business user buying the Products for its business activities, shall be solely responsible for the choice of the Products purchased as well as for the use and interpretations the Buyer makes of the documents it purchases, of the results the Buyer obtains, and of the advice and acts the Buyer bases thereon .

4.2 In no event shall the Seller be liable for:a) Damages of any kind, including without limitation, incidental or

consequential damages (including, but not limited to, damages for loss of profits, business interruption and loss of programs or information) arising out of the use of a Product or the use of or the inability by the Buyer to use the Seller’s website, or any information provided on the website, or contained in a Product;

b) Any claim attributable to errors, omissions or other inaccuracies in a Product or interpretations thereof.

4.3 All the information contained in the Products has been obtained from sources believed to be reliable. The Seller does not warrant the accuracy, completeness adequacy or reliability of such information, which cannot be guaranteed to be free from errors.

4.4 Any Product that the Seller sells may, upon prior notice to the Buyer from time to time be modified by Seller or substituted with a similar Product meeting the needs of the Buyer. Such modification shall not lead to any liability of the Seller, provided that the Seller ensures the substituted Product is similar to the Product initially ordered.

4.5 In the case where, after inspection, it is acknowledged that a Product contain defects, the Seller undertakes to replace the defective product to the extent reasonably feasible and without indemnification or compensation of any kind for labour costs, delays, loss caused or any other reason being due by the Buyer . This undertaking from the Seller shall be effective for a maximum of two months starting from the delivery date but shall not be applicable in the event of force majeure as described in Article 5 below.

4.6 The deadlines that the Seller is asked to provide for the mailing of a Product are given for information purposes only and are not guaranteed. If such deadlines are not met, this shall not, without the agreement of the Seller lead to any claim for damages or right of cancellation of one or more orders by the Buyer, except for non-acceptable delays exceeding [3] months from the stated deadline. In such case only i.e. only in the event of a delay exceeding (3) months from the stated deadline the Buyer shall be entitled to ask for a reimbursement of any down payment previously made to the Seller, to the exclusion of any other damages.

4.7 The Seller does not make any warranties, express or implied, including, without limitation, those of sale ability and fitness for a particular purpose, with respect to any Products. Although the Seller shall take reasonable steps to screen Products for infection of viruses, worms, Trojan horses or other codes containing contaminating or destructive properties before making Products available, the Seller cannot guarantee that any Product will be free from infection.

5. FORCE MAJEUREThe Seller shall not be liable for any delay in performance directly or indirectly caused by or resulting from acts of nature, fire, flood, accident, riot, war, government intervention, embargoes, strikes, labour difficulties, epidemics, major health event (e.g. Corona virus), equipment failure, late deliveries by suppliers or other difficulties which are beyond the control, and not attributable to the fault of the Seller.

6. PROTECTION OF THE SELLER’S IPR6.1 All the IPR attached to the Products are and remain the property

of the Seller and are protected under French and international copyright law and conventions.

6.2 The Buyer agreed not to disclose, copy, reproduce, redistribute, resell or publish a Product, or any part of it to any other party other than employees of the Buyer Company (and only in the country of the Primary User for Multi-User Licenses). The Buyer shall have the right to use Products solely for its own internal information purposes. In particular, the Buyer shall therefore not use any Product for purposes such as:• Information storage and retrieval systems;• Recordings and re-transmittals over any network (including any

local area network);• Use in any timesharing, service bureau, bulletin board or similar

arrangement or public display;• Posting any Product to any other online service (including

bulletin boards or the Internet);• Licensing, leasing, selling, offering for sale or assigning a Product

or any derivative thereof.6.3 If the Buyer would like to use data coming from a Product for

presentations, press announcements and any other projects, the Buyer needs to contact Yole Développement’s Public Relations Director (info@yole.fr) to get an official authorization and confirm that the data are up to date. In return the Seller will make sure to provide up-to-date data under a suitable public format.

6.4 The Buyer shall be solely responsible towards the Seller for any infringement of the obligation described in Article 6.3 above, whether such infringement originates from the Buyer’s employees or any person to whom the Buyer has sent the Products. Furthermore, the Buyer shall initiate and personally take care of any related proceedings in coordination with the Seller, and the Buyer shall bear the related financial consequences in their entirety.

6.5 The Buyer shall define within its Company an identified user who shall serve as a contact person for the License purchased by the Buyer. This person will be the recipient of each new report. This person shall also be responsible on behalf of the Buyer, for compliance with all copyrights and other obligations relating to the protection of the Seller’s IP rights and general compliance with the terms of the License purchased by the Company. In the context of Bundle and Annual Subscriptions, the contact person shall decide within the Buyer which person(s) shall be entitled to receive the protected link that will allow the Buyer to access the Products.

6.6 It is acknowledged and accepted by the Buyer that whether purchased in the form of Bundles or Annual Subscription, all unselected reports will be deemed cancelled and lost after a period of 12 month following acceptance of the corresponding order by the Seller in accordance with provisions of Article 1.3 above .

6.7 It is further acknowledged and agreed by the Buyer that any investor in the Buyer Company, any external consultant of the Buyer Company or any joint venture done with a third party in which the Buyer Company is involved , is not entitled to use a Product, without paying to the Seller the full price for a license to the required Product..

7. TERMINATIONIf the Buyer cancels the order in whole or in part or postpones the date of mailing, the Buyer shall indemnify the Seller for the entire costs that have been incurred as at the date of notification by the Buyer of such delay or cancellation. This may also apply for any other direct or indirect consequential loss that may be incurred by the Seller, pursuant to such cancellation or postponement.

8. MISCELLANEOUS8.1 All the provisions of these General Terms and Conditions of Sale

are for the benefit of the Seller, but also for that of its licensors, resellers and agents. Each of them is entitled to assert and enforce these provisions against the Buyer.Any notices under these Terms and Conditions shall be given in writing and shall be effective upon receipt by the other Party.

8.2 The Seller may, from time to time, update these General Terms and Conditions of Sale, and the Buyer, shall be deemed to have accepted the latest version of such General Terms and Conditions of Sale, once they have been duly communicated to the Buyer by the Seller.

9. GOVERNING LAW AND JURISDICTION9.1 Any dispute arising out or linked to these General Terms and

Conditions of Sale or to any Licenses or Products purchased in application thereof shall be submitted to the French Commercial Court of Lyon, which shall have exclusive jurisdiction upon such issues.

9.2 French law (without reference to any applicable conflict of law provisions) shall apply to these General Terms and Conditions of sale and any agreement between the Buyer and the Seller made pursuant thereto.

General Terms and Conditions of Sale